By: Kim Ives – Haiti Liberte

After years of campaigns cajoling them to do so, three international banks announced on June 30 that were annulling what Haiti owes them, thereby cancelling 63% of Haiti’s $1.9 billion debt.

The World Bank and International Monetary Fund (IMF) are forgiving about $690 million of loans. The Interamerican Development Bank (IDB), Haiti’s biggest creditor, followed suit the same day saying it would forgive another $511 million, a promise it made back in March 2007.

Haiti had been paying about $5 million a month in interest payments on its overall debt. “The debt relief will help us invest in growth and poverty reduction programs,” said Haiti’s Finance Minister Daniel Dorsainvil. “Haiti has demonstrated over the past four to five years that it can commit itself to a menu of reforms and respect this commitment.”

Much of Haiti’s debt never went to benefit Haitians. “The Haitian people are still paying for the crimes of their past leaders,” explained the Jubilee USA Network, which has petitioned for debt relief for Haiti for many years, in a July 2008 statement. “45% of the country’s current external debt was incurred by the Duvaliers, while the country’s lenders turned a blind eye to the corruption. Not only did these loans fail to benefit the Haitian people, the consequent debt service payments continue to cost the country millions of dollars that could be better spent on education and health. Meanwhile, harmful economic policies mandated by the International Monetary Fund (IMF) and World Bank continue to undermine the country’s ability to chart its own development path.”

The announcement of debt relief was seen by some Haitians as an effort to bolster the government of President René Préval, which is deeply unpopular and faced with a sharpening economic crisis.

WBAI HAITI PROGRAM TO ANALYZE IMMIGRATION AND DEPORTATIONS

This Thursday, July 2, from 9 – 10 p.m. on WBAI 99.5 FM and www.wbai.org on “Haiti: The Struggle Continues,” Miami-based Haitian community advocate and para-legal LUCIE TONDREAU will explain the challenges and pitfalls President Barack Obama faces as his administration works to overhaul U.S. immigration policy. Ms. Tondreau, who has been an immigrants’ rights advocate for over a quarter of a century, will also analyze what Haitian and the other immigrant communities must do to influence policy changes that will be favorable to the undocumented.

Also, JESUS LUC of Bourgeoizie Filmz will talk to us about “Lost in Haiti,” a soon-to-be completed documentary about the life of U.S.-raised Haitian deportees in Port-au-Prince.